ALAT is Nigeria’s first fully digital bank designed to deliver banking services to customers from the comfort of their own homes. This means that you can perform all your banking transactions online without ever entering a physical branch! One such transaction that can be easily made is the opening of a domiciliary bank account.
Whether you are a business or an individual, having a domiciliary account is fast becoming a universally beneficial tool that helps preserve the value of your money and helps you to have more efficient international financial transactions. Many banks require that you apply to own a domiciliary account in person. However, ALAT by WEMA offers you the opportunity to open one right on your phone! Read on to learn more about the domiciliary account type and for a quick how-to on opening one with ALAT on your phone.
What is a Domiciliary Account?
A Domiciliary Account is a specific type of bank account that allows you to make and receive payments in foreign currencies, including but not limited to US dollars, euros, and pounds. All the money in a domiciliary account is usually valued at the current exchange rate of the account owner’s home country. This means that for you in Nigeria, all monies in your domiciliary account are valued at the current naira exchange rate.
If you are dealing with a foreign investor, having this account makes it easier for you to carry out your bank transaction across borders.
Who Needs a Domiciliary Account?
If you can work or do business in Nigeria and still get paid in dollars, euros, pounds or any other currency, then you need a domiciliary account. This is particularly useful for business corporations and even individuals such as
- Graphic designers,
- Software developers,
- Content developers and
- Freelance experts who get paid via wire transfer on a regular basis.
This is not one-sided, however. Merchants and corporations can also make payments from their domiciliary accounts to accounts in Nigeria and also outside the country.
Benefits of owning a domiciliary account in Nigeria
- You can receive direct payments in foreign currencies from other countries.
- You retain control of your money as you can preserve it in foreign currency until a favorable time to have it exchanged.
- You can make international transactions such as shopping for goods and paying for products and services in any part of the world.
- Owning a domiciliary account helps you make withdrawals in foreign currency from your bank.
- You can comfortably carry out your foreign transactions from anywhere.
What’s great about the ALAT Domiciliary Account?
ALAT has zero limits to inflows and transfers. You also have a zero minimum opening balance and zero minimum operation amount, guaranteeing you better control of your money.
Steps to opening an ALAT Domiciliary Account
- Log into the ALAT app. You can easily download it now using this link from Google Play Store or the Apple App Store on your phone.
- Click on Create Account
- Select the Domiciliary Account
- Follow the other steps that are required of you. Get ready to input the necessary paperwork such as photographs, signatures, your Bank Verification Number (BVN), a valid identity card (driver’s license, international passport, national ID card), address verification, and so on.
- For more information, you can contact firstname.lastname@example.org.
Here are a few tips to note after completing your application process for the domiciliary account:
- Upon successful application, your new account number for the domiciliary account will be sent to you.
- To receive money, you will need to send the account information to the sender.
- Money sent to your domiciliary account may take up to 72 hours (3 working days) before it hits your accounts. You may need to be a little patient after receiving the message that your money has been sent.
That is it – all the information you need to take advantage of ALAT’s easy and smooth process of opening your domiciliary account. You can now proceed to make value-intensive and more efficient international transactions with ALAT. Enjoy!
How do I get on ALAT?
In case you are wondering how you can join ALAT, Simply Click here to download the app or on Google Play (for Android phones) or on iOS App Store (for iPhone).